Ron%20Brown%20Hand%20Across%20the%20Water
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POLICY Profound political transforma- tion has been underway in South Africa since 1 990 when the dismantling of the entrenched apartheid system began, and Nelson Mandela was released from prison after 27 years. The democratic growth of this nation has continued with the election of President Mandela and the instalment of the South African Government of National Unity. across the Water by Ron Brown, United States Secretary of Commerce This pivotal change in South Africa has clear and positive implications for the finan- cial future and stability of the countIy. The shift towards democratic government led to the lifting of US economic sanctions which, in tum, fostered a new atmosphere in which both the United States and South Africa could build stronger economic and commer- cial bonds. The people of South Africa have undertaken a magnificent and far reaching challenge. They are building a new political, economic and social foundation of non-racial democracy. They are working to construct an economic system to ensure economic independence and free enterprise access to all South Africans. The South African Government of National Unity at all levels has sent a consistent message to business audiences around the world: South Africa wants, needs and welcomes foreign private investment. It is estimated that the economy has the potential to expand at the rate of 5 per cent annually. The country is finally emerg- ing from a lcngthy recession, registering positive growth in 1993 for the first time in four ycars. But the long legacy of apartheid continues to have severe repercussions. South Africa suffers from a 45 per cent unemployment rate, as well as the need for massive electrification, education, housing, sanitation and health care access. The US and South Africa are committed to working together to confront the enormous economic challenges posed by these conditions. Since the removal of US sanctions, nearly 60 US firms have returned to South Africa. Their decision is the best testi- mony that the South African government is creating the nec- essary enabling environment for foreign investment over the long term. The fiscally conservative, non-inflationary budget introduced this summer is the best indication thus far that the South African government is serious in its economic commit- ments. Specific steps are being taken by the United States to pro- mote trade and investment in South Africa. Under President Bill Clinton's leadership, various actions have been taken to promote bilateral trade and investment relations with South 20 SOUTH AFRICA
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Transcript of Ron%20Brown%20Hand%20Across%20the%20Water
POLICY
Profound political transformation has been underway inSouth Africa since 1 990 whenthe dismantling of theentrenched apartheid systembegan, and Nelson Mandela wasreleased from prison after 27years. The democratic growth ofthis nation has continued withthe election of PresidentMandela and the instalment ofthe South African Governmentof National Unity.
across theWater
by Ron Brown, United States Secretary ofCommerce
This pivotal change in South Africa hasclear and positive implications for the financial future and stability of the countIy. Theshift towards democratic government led tothe lifting of US economic sanctions which,in tum, fostered a new atmosphere in whichboth the United States and South Africacould build stronger economic and commer-cial bonds.
The people of South Africa have undertaken a magnificentand far reaching challenge. They are building a new political,economic and social foundation of non-racial democracy.They are working to construct an economic system to ensureeconomic independence and free enterprise access to all SouthAfricans. The South African Government ofNational Unity atall levels has sent a consistent message to business audiencesaround the world: South Africa wants, needs and welcomesforeign private investment.
It is estimated that the economy has the potential to expandat the rate of 5 per cent annually. The country is finally emerg-
ing from a lcngthy recession, registering positive growth in1993 for the first time in four ycars. But the long legacy ofapartheid continues to have severe repercussions.
South Africa suffers from a 45 per cent unemployment rate,as well as the need for massive electrification, education,housing, sanitation and health care access. The US and SouthAfrica are committed to working together to confront theenormous economic challenges posed by these conditions.
Since the removal of US sanctions, nearly 60 US firmshave returned to South Africa. Their decision is the best testimony that the South African government is creating the necessary enabling environment for foreign investment over thelong term. The fiscally conservative, non-inflationary budgetintroduced this summer is the best indication thus far that theSouth African government is serious in its economic commitments.
Specific steps are being taken by the United States to promote trade and investment in South Africa. Under PresidentBill Clinton's leadership, various actions have been taken topromote bilateral trade and investment relations with South
20 SOUTH AFRICA
